Founders Metals Intersects 38.0 Metres of 10.90 g/t Gold at Froyo
Founders Metals Intersects 38.0 Metres of
10.90 g/t Gold at Froyo
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2024) -
Founders Metals Inc.
(TSXV: FDR)
(OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces drill core assay results from
its fully-funded 2024 drill program at the Antino Gold Project in southeastern Suriname. The Company
reports 38.0 metres of 10.90 grams per tonne (g/t) gold (Au) from its furthest northwest Froyo drillhole to
date, 24GG04. The interval contains the previously released gold vein photos (March 4
th
release; Figure
2 below) and is one of Antino's best gold intercepts at over 410 gram-metres per tonne (gm/t). Due to
the abundance of coarse gold, samples have been resubmitted for metallic screening.
Highlights
Hole 24GG04 intercepts 38.0 m of 10.90 g/t Au
from 149.0 m down hole, with metallic screening
results pending (Table 1, Figures 1&2)
Results are from
Founders' furthest northwest drilling
at the Froyo Gold Zone
Gold mineralization remains open toward high-grade historical auger sampling results (Figure 1)
* Intervals are reported at a cut-off grade of 0.3 g/t Au using 5 metres minimum length and 5 metres maximum internal dilution.
Figure 1:
Upper Antino plan map centred on the Froyo Gold Zone. Cross-section line A-A' corresponds
to Figure 2.
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Colin Padget, Founders CEO commented, "Today's results are some of the best we've seen at Antino,
and are yet another example of the exceedingly high-grade, near surface gold mineralization at Froyo.
Additionally, we have submitted samples for metallic screening to determine gold concentrations using a
much larger sample volume. This method can capture coarser gold than fire assay. We expect the result
soon.
We are also pleased to report that our primary assay lab in Paramaribo has renewed its commitment of
two-to-three-week turnaround times on assays. Though assays have often come back much faster, we
recognize that with additional drilling, more surface sampling, targeted multi-element geochemistry, and
metallic screening of select drill core, we can more reasonably expect two-to-three-week timelines."
Figure 2:
A-A' Cross-section through latest Froyo Gold Zone drill results.
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Table 1
: Drilling Results and Highlights. Results shown for ADH071 are historical.
Hole ID
From
(m)
To(m)
Core Length* (m)
Au (g/t)
24GG03
128.00
137.00
9.00
1.58
24GG04
134.00
139.00
5.00
1.8
and
149.00
187.00
38.00
10.9
ADH071
53.50
55.00
1.50
25.01
and
63.50
75.50
12.00
4.99
*Intervals are core length and estimated to represent 85% or more of true width based on current drill data
Figure 3: (left)
gold vein in drill core from hole 24GG04.
(right)
Drill core from hole 24GG04 showing
typical textures within mineralized zones at Froyo. Core locally contains up to 35% pyrrhotite and pyrite
within a zone of high-intesity shearing.
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Figure 4:
Antino Gold Project property map.
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About Founders Metals Inc.
Founders Metals is a Canadian exploration company with properties in North and South America. The
Company focuses on acquiring and advancing gold projects in the Guiana Shield. Its flagship asset is
the 20,000 ha Antino Gold Project in Suriname, where artisanal surface/alluvial mining has produced
over 500,000 gold ounces to date
1
. Using its diamond drilling equipment, the Company drilled over
10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.
1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
Quality Assurance and Control
Results from samples were analyzed at FILAB Suriname, a Bureau Veritas Certified Laboratory in
Paramaribo, Suriname (a commercial certified laboratory under ISO 9001:2015). Samples are crushed
to 75% passing 2.35 mm screen, riffle split (700 g) and pulverized to 85% passing 88 µm. Samples
were analyzed using a 50 g fire assay (50 g aliquot) with an Atomic Absorption (AA) finish. For samples
that return assay values over 10.0 grams per tonne (g/t), another cut was taken from the original pulp and
fire assayed with a gravimetric finish. Founders Metals inserts blanks and certified reference standards
in the sample sequence for quality control. External QA-QC checks are performed at ALS Global
Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited
facility).
A secure chain of custody is maintained in transporting and storing of all samples. Drill intervals
with visible gold are assayed using metallic screening. Rock chip samples from outcrop/bedrock are
selective by nature and may not be representative of the mineralization hosted on the project.
Qualified Persons
The technical content of this news release has been reviewed and approved by Michael Dufresne,
M.Sc., P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Per:
"
Colin Padget
"
Colin Padget
President, Chief Executive Officer, and Director
Founders Metals Contact Information
Dave Burwell, Manager, Investor Relations
Tel: 403 410 7907 |
Nick Stajduhar, Director
Tel: 780 701 3216 |
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, without limitation, statements regarding the
use of proceeds from the Company's recently completed financings and the future or prospects of the
Company. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of
such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a
number of assumptions that, while considered reasonable by management, are inherently subject to
business, market, and economic risks, uncertainties, and contingencies that may cause actual results,
performance, or achievements to be materially different from those expressed or implied by forward-
looking statements. Although the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking information, other factors may
cause results not to be as anticipated, estimated, or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking
information. Other factors which could materially affect such forward-looking information are described in
the risk factors in the Company's most recent annual management discussion and analysis. The
Company does not undertake to update any forward-looking information except in accordance with
applicable securities laws.
All material information on Founders Metals can be found at
www.sedarplus.ca
.
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